Manchester United said Monday it has rejected a business plan from Tampa Bay Buccaneers owner Malcolm Glazer.

Glazer last week raised his stake in Manchester United PLC to 28.11 percent, just short of the 30% figure which would oblige him to launch a formal takeover of the club..

In a statement to the London Stock Exchange, Manchester United said Monday that Glazer’s business plan was not in its best interests .

“The board has decided to inform all shareholders that it would regard an offer which it believes to be overly leveraged as not being in the best interests of the company,” the club said.

“Accordingly the board has determined that it would not support any offer underpinned by the structure which has been outlined in relation to the Glazer family’s potential offer.

“The board has informed the Glazer family of these views and that it has therefore terminated discussions with respect to the current proposals.”